Mumbai, Sep 19 (PTI) After a long wait, the Shapoorji Pallonji Group has closed the sale process of its consumer durables business under the Eureka Forbes label by picking the American private equity fund Advent International's Rs 4,400-crore offer for a 72 per cent stake.

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The sale process, which began in November 2019, will help the over 156-year-old SP Group pair the debt pile and sharpen the focus on the flagship construction and engineering business under Afcons.

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The valuation of Rs 4,400 crore for a 72.56 per cent stake is at an enterprise level and subject to closing adjustments and also includes an open offer for the remaining stake after the demerger and listing of Eureka Forbes, the SP group said on Sunday.

The 156-year-old-Shapoorji Pallonji Group, which owns over 18 per cent in the Tata Group, is sitting on a debt pile of over Rs 20,000 crore of which around Rs 12,000 crore are under the moratorium till 2023 allowed by the RBI to help borrowers tide over the cash flow issues arising from the pandemic.

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